Noble Oak Life seeks seed capital for IPO growth

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Privately held life insurer Noble Oak Life is raising seed capital ahead of an initial public offer planned in the coming 12-months.

The 135-year old Noble Oak, which writes life insurance policies, was demutualised in 2011 before attracting an investment by IntraAsia Capital and a Queensland-based non-bank lender last year.

It is now seeking about $3 million from sophisticated investors to fund growth ahead of an ASX-listing.

It’s understood Noble Oak is eyeing a backdoor listing through a shell company identified by shareholder IntraAsia Capital.

IntraAsia Capital is chaired by Graeme Robertson, who is best known in Australia for partnering the Millner family in New Hope Corporation more than 30 years ago. New Hope is now a $3.5 billion coal producer and Robertson has cashed out to pursue other investments including Noble Oak.

Noble Oak has also assembled a management team including former AXA Asia Pacific director Paul Sampson as chairman and former AMP Capital chief operating officer Anthony Brown as chief executive.